Is what you’re working on the best use of your time?

Is what you’re working on the best use of your time?

clear-glass-with-red-sand-grainer-39396-V2.jpg#asset:19822

What should I be working on now? What is the best use of my time? I have so many things to do and not enough time to do them? Do you wish you had a way to figure out those answers?

Here is a different way at finding out the answers to those questions:

Know your worth

We all know your time is important, but have you ever stopped to calculate exactly how valuable? Here is a calculation you can use to see exactly how much your time is worth:

Assumptions:

  • You work 250 days/year (365 days minus 104 for weekends minus 11 for days off = 250)
  • You work 8 hours a day on average
  • You work 2,000 hours a year (250 times 8)

Now take your annual pay divided by 2,000 and that will equal how much you get paid per hour.

Example:

  • You make $100,000 a year
  • 100,000 divided by 2,000 = 50
  • You make $50/hour

Prioritize your worth based on your hourly wage

Now ask yourself every time you get ready to do something: “Would I pay someone else $50/hour to do what I’m doing now?”

If you are true to yourself, you’ll often answer “no” to some of the things you find yourself doing throughout the day, such as:

  • Making copies
  • Looking at Facebook
  • Planning your vacation
  • Servicing clients that produce revenue below your minimum account size
  • Updating your fantasy football lineup

I’m not saying you can’t and shouldn’t do any of those things, but I’m saying you shouldn’t do those during prime business hours.

What are examples of things you would probably pay someone else $50/hour to do?

  • Prospecting
  • Presenting solutions to a prospect
  • Following up with a prospect
  • Talking with or going to see to a client
  • Participating in a client renewal
  • Coaching, mentoring and developing people
  • Attending a networking meeting
  • Volunteering your time in your community

It is not easy, and it takes discipline, but your time is best worth spent on activities that you would pay someone else to do — prospecting and being client facing.

Now you have some decisions to make — continue doing things that you are over paid to do or start delegating and eliminating certain tasks. Make the wrong decisions and continue to be frustrated that you are not making more sales. Make the right decisions and watch your sales activity improve and flourish.

Get the full view of M&A and Organic Growth best practices. MarshBerry 360 seminars enable insurance distribution professionals to understand the various strategies to help lead their firm to growth and profitability, and to help as they work to maximize shareholder value.

Subscribe to receive monthly communications on the latest MarshBerry content!